City University of Hong Kong Course Syllabus offered by College/School/Department of Economics and Finance with effect from Semester A 2017/18 Part I Course Overview Course Title: Intermediate Microeconomics Course Code: EF3442 Course Duration: 1 semester Credit Units: 3 Level: Proposed Area: (for GE courses only) B3 Arts and Humanities Study of Societies, Social and Business Organisations Science and Technology Medium of Instruction: English Medium of Assessment: Prerequisites: Precursors: Equivalent Courses: Exclusive Courses: English CB2400 Microeconomics or FB2400 Economics I EF2452 Mathematics for Economics and Finance EF3440 Microeconomics for Business Strategy EF3440A Microeconomics for Business Strategy Nil 1
Part II Course Details 1. Abstract This course aims at equipping students with an in-depth understanding of microeconomic concepts, analyses, and their applications in the real world. This course builds upon some basic knowledge in economics, and provides students with a balanced coverage of both standard/traditional and modern microeconomic theories. It aims at equipping students with an in-depth understanding of various economic tools for analyzing market behavior and decision making at consumer and firm levels. The course will also cover techniques of optimization, equilibrium and strategic interaction in detail in the context of problems relating to consumers and firms. The standard models of the general theory of microeconomics (such as the models of consumer theory, perfect competition, and monopoly) will be studied extensively to establish a concrete microeconomic understanding. Several applications of the basic theory (such as the analyses of the effects of taxation and government regulation) will also be introduced. A considerable amount of time will be devoted to study game theory through which modern microeconomic theory functions. Various applications of game theory to oligopolistic markets, uncertainty and asymmetric information will also be covered (given that time permits). The course meets weekly for a three-hour lecture. The lectures introduce theories/models and problem solving sessions that mainly focus on applying the microeconomic models to real world problems. 2. Course Intended Learning Outcomes (CILOs) (CILOs state what the student is expected to be able to do at the end of the course according to a given standard of performance.) No. CILOs # Weighting* (if applicable) 1. Demonstrate a solid understanding of the traditional microeconomic theory of individuals and firms behaviors; recognize the connections among different microeconomic theories. 2. Apply economic theories to real-world decision making in various business environments. Students are expected to make use of the information in a context different from the one given in the lecture, and apply the theories to real life. 3. Analyze and predict the outcome of strategic interactions among individuals and/or firms; compare and integrate microeconomic theories and identify them between individuals and firms. 4. Comprehend and explain the economic importance of market imperfections, such as transactions costs, uncertainty, asymmetric information, and externalities; interpret and infer the information acquired from the lecture to make decisions based on in-depth reflection, criticism, and assessment. * If weighting is assigned to CILOs, they should add up to 100%. 100% 25% 25% Discovery-enriched curriculum related learning outcomes (please tick where appropriate) A1 A2 A3 25% 25% 2
# Please specify the alignment of CILOs to the Gateway Education Programme Intended Learning outcomes (PILOs) in Section A of Annex. A1: Attitude Develop an attitude of discovery/innovation/creativity, as demonstrated by students possessing a strong sense of curiosity, asking questions actively, challenging assumptions or engaging in inquiry together with teachers. A2: Ability Develop the ability/skill needed to discover/innovate/create, as demonstrated by students possessing critical thinking skills to assess ideas, acquiring research skills, synthesizing knowledge across disciplines or applying academic knowledge to self-life problems. A3: Accomplishments Demonstrate accomplishment of discovery/innovation/creativity through producing /constructing creative works/new artefacts, effective solutions to real-life problems or new processes. 3. Teaching and Learning Activities (TLAs) (TLAs designed to facilitate students achievement of the CILOs.) TLA Brief Description CILO No. Hours/week 1 2 3 4 (if applicable) 1 Lectures The lecture is designed to provide basic concepts and models for analyzing consumer and firm behavior. The lecturer encourages students to think critically and logically by asking students to respond to questions and getting students to solve the problems by themselves rather than giving out the solutions. 3 hours per week Current issues will also be discussed in the lectures to enhance students understanding of the various microeconomic phenomena. 2 Problem Sets Problem sets will be assigned regularly, mostly from the textbook. The students will be asked to find the numerical and analytical solutions to the problems utilizing the methods taught in the lectures with the help of calculus. The students will submit their problems in groups to encourage cooperation and peer-learning. 3 Mid-term Examination The mid-term exam contains short essay questions and problems. Short essay questions tests students understanding of key concepts and theories whereas the problem tests the students ability to analytically solve numerical problems. 3
4. Assessment Tasks/Activities (ATs) (ATs are designed to assess how well the students achieve the CILOs.) Assessment Tasks/Activities CILO No. Weighting* Remarks 1 2 3 4 Continuous Assessment: 50% Midterm examination 30% Problem sets 15% Class participation 5% Examination: 50% (duration: 2 hours, if applicable) Final examination 50% * The weightings should add up to 100%. 100% 4
5. Assessment Rubrics (Grading of student achievements is based on student performance in assessment tasks/activities with the following rubrics.) Assessment Task Criterion Excellent (A+, A, A-) Good (B+, B, B-) Fair (C+, C, C-) Marginal (D) Failure (F) 1. Midterm examination Understand the theoretical High Significant Moderate Basic Below marginal levels 2. Problem sets 3. Class participation 4. Final frameworks and ability to explain the methodologies. examination 5
Part III Other Information (more details can be provided separately in the teaching plan) 1. Keyword Syllabus Supply and demand, Indifference curves, Production costs, Perfect vs. Monopolistic competition, Oligopoly, Game theory, Pricing strategies, Asymmetric information, and Market failure. 2. Reading List 2.1 Compulsory Readings (Compulsory readings can include books, book chapters, or journal/magazine articles. There are also collections of e-books, e-journals available from the CityU Library.) 1. Microeconomics by Jeffrey M. Perloff, Fourth Edition (published by Pearson Addison Wesley). 2.2 Additional Readings (Additional references for students to learn to expand their knowledge about the subject.) 1. N/A 6